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BTR Daily - October 30, 2024 - Christopher Todd Capital acquires Texas BTR

BTR Daily - October 30, 2024 - Christopher Todd Capital acquires Texas BTR

Christopher Todd Capital acquires Texas BTR. Mill Creek begins pre-leasing. PCCP acquires land for BTR project. Madison Capital secures $16 million. Two new BTR deals.

Matt H & Aid Sopjani
October 30, 2024

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NEWS ROUNDUP

ACQUISITION: Christopher Todd Capital acquires Texas BTR. Christopher Todd Capital has acquired The Cottage Green, a 314-unit BTR community in Conroe, TX, from HMFA Houston Property Owner I, LLC. Brent Long, president of Christopher Todd Capital, and Todd Wood, CEO of Christopher Todd Communities, explained that Texas is a priority for the company’s growth strategy. Willow Bridge was selected as the property management company.

DEVELOPMENT: Mill Creek Residential begins pre-leasing for its 350-unit BTR community. Mill Creek Residential has started pre-leasing at Amavi Brier Creek, a BTR community in Durham, NC. The community features 350 townhomes and single-family detached homes, set amidst 25 acres of woods and creeks, with an additional 28 acres of dedicated open space. “The Brier Creek area continues to become one of the hidden gems in the greater Raleigh-Durham market…” -Willie Morris, SVP.

DEVELOPMENT: PCCP acquires land for the development of a 109-unit BTR project. PCCP acquired a 13-acre parcel of land in Pearland, TX, to develop Skymor at Pearland, a Class A, 109-unit BTR community. PCCP has commissioned Integrity Community Builders to begin construction immediately, with the first homes expected to be delivered by February 2025. “We believe Skymor at Pearland will be one of the top-of market built-for-rent options for residents that want to be within one of the top public-school districts throughout the region as well as have convenient access to many of Houston’s nearby major employer centers.” -Andrew Barbakoff, PCCP

FUNDRAISING: Madison Capital Group secured $16 million for South Carolina BTR. Madison Capital Group raised $16 million in preferred equity for the development of a 169-unit luxury BTR project in Charleston, SC. Madison Capital Group CEO Ryan Hanks shared the firm has a BTR development pipeline of roughly 900 units in Charlotte, Charleston, Hilton Head, and Florida’s Space Coast. BenCo Construction has been selected as the general contractor.

PEOPLE MOVES: Knipp Contracting appoints new director of purchasing. Knipp Contracting has appointed Rosa Cruz Blanch as national BTR director of purchasing. With over 20 years of experience in residential, commercial, government, hospitality, and BTR construction, Rosa brings extensive expertise to the role. She will focus on developing and implementing purchasing programs to streamline processes, supporting Knipp's expansion.